Otterbourg Attorneys Present on "What's in Your Intercreditor Agreement?"
February 15, 2017
The Intercreditor Agreement: What’s in Your Agreement?
Otterbourg attorneys David Morse and Michael Barocas presented a program sponsored by The New York Chapter of the Commercial Finance Association and the Association of Commercial Finance Attorneys on February 15, 2017 at The Yale Club in New York City that looked at critical intercreditor issues through the lens of a series of recent cases.
Since the 2008 recession there have been an explosion of decisions by the Bankruptcy Courts and other courts dealing with disputes between various creditors of a distressed company. In most of these decisions not only did the Bankruptcy Courts consider the dispute, but the outcome of the cases hinged on the court’s reading of the exact wording in the intercreditor agreement—with often surprising results for the first lien lender.
In the new era where it is clear that the Bankruptcy Courts will interpret and enforce intercreditor agreements, the presentation discussed how lenders and their counsel should be careful when they draft and negotiate intercreditor agreements so as to make sure that a lender gets what it thinks it has.
The slides from the program are here.
David W. Morse is a member of the firm of Otterbourg P.C. He is presently chair of the firm’s finance practice. David represents banks, hedge funds, commercial finance companies and other institutional lenders in structuring and documenting loan transactions, as well as loan workouts and restructurings. He has given presentations sponsored by The Practising Law Institute, the American Bar Association, the Loan Syndication and Trading Association and other organizations. He is the winner of the 2008 Harry H. Chen Memorial Award of Excellence presented by the Commercial Finance Association. David has been co-chair of the International Lending Conference sponsored by the Commercial Finance Association since its inception and he represents the Commercial Finance Association to the United Nations Commission on International Trade Law (UNCITRAL) in its current project on secured transactions law. He has been selected for Super Lawyers since 2008 and Best Lawyers in 2013, 2014, 2015 and 2016. David joined the law firm of Otterbourg P.C. after graduation from the New York University School of Law. He received his undergraduate degree from Amherst College.
Michael Barocas is a member of the firm at Otterbourg P.C. in the banking and finance practice. Michael represents banks, hedge funds and other financial institutions. He has worked on the financing of various acquisitions, working closely with private equity groups and their counsel in representing the arrangers that provide the financing for such acquisitions. In addition to acquisition and other financings, Mr. Barocas works on restructurings, and debtor-in-possession and exit financings. The transactions that he has worked on include loan facilities that are secured by assets in the Netherlands, Germany, the UK and other foreign countries. Michael Barocas began his legal career at Simpson Thacher and Bartlett, moving to Luskin Stern & Eisler and then joining Otterbourg P.C. He graduated from the State University of New York of Albany, summa cum laude, and received his law degree from the University of Pennsylvania Law School.